During the last quarter of century there has been a huge consolidation by mergers and acquisitions in all markets, so in most of them only 2 or 3 big incumbents have remained, where in the 20th century there were dozens of competitors.

I have nothing with the word "incumbent" but I do not like the incumbents themselves, because unlike during the previous century, today it has become far more difficult for any newcomer to displace an incumbent, due to both dubious laws and unfair business practices that are tolerated now.